"MoneyGram is committed to continually enhancing its focus on innovation," said Pamela H. Patsley, MoneyGram's chairman and chief executive officer. "Alex has an impressive history of creating, developing and growing new products and services. He is an accomplished, hands-on strategist with vast global experience, and a veteran leader in the financial services sector. I am pleased that Alex has joined our leadership team."

In his new role, Hoffmann will lead MoneyGram's global product portfolio, emerging channels and MoneyGram Online. Hoffmann was previously head of consumer growth for Europe, Middle East and Africa at PayPal. He has 20 years of experience in payments and cards, online services and technology, and a strong track record of building new products from concept to launch.

Prior to his position at PayPal, Hoffmann spent 12 years at McKinsey & Company in Brussels, Belgium, and Palo Alto, California, working with clients in the payments and telecommunications industries. Hoffmann will be based at the company's headquarters in Dallas, Texas.